Jubilee Insurance Holdings

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Jubilee Insurance Company started its insurance operations in Mombasa, Kenya where it inaugurated an office in 1937.

ABNICThe first life insurance policies were underwritten in 1938. In 1952, the company commenced its international expansion by getting established in Mauritius. Tanzania was the second foreign country where the new insurer settled. Not until 1968 did Jubilee move in Nairobi where it inaugurated its head office.

There commences the construction of a genuine group with the establishment of Jubilee Insurance Holdings (JIH), still based in Nairobi. This entity now gathers all of the stakes of Jubilee in Africa and in which Kenya, alone, accounts approximately for 63% of the premiums.

Nowadays, Jubilee Insurance Holdings is one of the most important financial service groups operating in East Africa, the Indian Ocean and in the Indian sub-continent.

By the end of 2015, JIH’s turnover amounted to 300 million USD with assets of approximately 820 million USD and a shareholder’s equity of 203 million USD. Jubilee Insurance Kenya, the group’s flagship, stands, by far, as the first non life insurer of the Kenyan market.

Nizar N Juma - JubileeDietmar Raich - Jubilee
Nizar N JumaDietmar Raich
Chairman of the boardGroup CEO

Jubilee Holdings in 2015

Share capital
3 277 100 USD
Turnover
300 032 000 USD
Assets
819 496 443 USD
Shareholder’s equity
202 752 247 USD
Net result
31 048 633
Non life gross loss ratio
58.6%
Non life gross expenses ratio
24.3%
Non life gross combined ratio
82.9%
Network in Africa
  • 5 non life insurance subsidiaries
  • 2 life insurance subsidiaries
Number of employees
878

Shareholding

Aga Khan Fund for Economic Development
37.98%
Pyrus Investments Limited
9.82%
Freight Forwarders Kenya Limited
1.95%
United Housing Estates Limited
1.81%
Adam’s Brown and Company Limited
1.79%
Other shareholders
46.65%

Management

Chairman of the board
Nizar N Juma
Group CEO
Dietmar Raich
Chief Financial Officer
Sherali Rawji
Claims manager
Mbugua Gathige
Head of business strategy
Julius Orayo
Head of human resources
Emily Kamunde-Osoro
Chief Information Officer
Sachin Samant
Head of internal audit
Christopher Ngala
Head of compliance
Nicholas Muchangi
Regional CEO, Life
Azim Dawood

Jubilee Holdings: main technical highlights (2011-2015)

in thousands USD

 20112012201320142015
Gross written premiums
191 157236 532275 185340 831300 032
Written premiums net of reinsurance
134 744166 142189 239245 928218 918
Non life gross written premiums
134 634168 636190 350210 675204 431
Gross earned premiums
144 224179 866212 533278 302229 102
Non life gross earned premiums
121 825153 529179 649205 980192 739
Gross incurred losses
123 778155 662222 267233 015159 590
Non life gross incurred losses
90 833112 856157 018129 720113 005
Management expenses(1)
40 48249 34556 73867 24569 682
Non life management expenses
28 60935 78740 44747 23949 627
Non life gross loss ratio
74.6%73.5%87.4%63%58.6%
Non life gross expenses ratio (2)
21.2%21.2%21.2%22.4%24.3%
Non life gross combined ratio
95.8%94.7%108.6%85.4%82.9%
Technical result
12 79818 05826 18328 27131 117
Net result
22 84826 68329 40834 85431 049

(1)management expenses + commissions
(2)expenses ratio = management expenses / gross written premiums

Jubilee Holdings: evolution of premiums, losses and results (2011-2015)

in thousands USD Jubilee-premiums-losses-results

Evolution of the non life gross technical ratios (2011-2015) of Jubilee Insurance Holdings

Jubileee gross ratios

Breakdown of the turnover of Jubilee Insurance Holdings per class of business(2011-2015)

in thousands USD

 20112012201320142015% 2015
Health
45 63958 89174 26085 57399 77833.2%
Non life
88 995109 745116 090125 102104 65334.9%
Life and pension
56 52367 89684 835130 15695 60131.9%
Total
191 157 236 532 275 185 340 831 300 032 100%

Jubilee Insurance Holdings: breakdown of 2015 turnover per class of business

Jubilee-turnover

(1) Including motor, fire, accident and others

Jubilee Holdings: gross earned premiums per life and non life insurance (2011-2015)

in thousands USD

 20112012201320142015% 2015
Motor
28 15236 41544 95749 90644 13219.2%
Fire
13 88521 54925 41329 65824 42110.7%
Accident
29 75628 31029 65734 21131 40913.7%
Health
40 61454 09969 76783 56587 70438.3%
Others
9 41813 1569 8558 6405 0732.2%
Total non life
121 825 153 529 179 649 205 980 192 739 84.1%
Ordinary life
11 88014 32317 28822 65022 86910%
Group life
8 0869 10210 71012 85110 7974.7%
Pension
2 4332 9124 88736 8212 6971.2%
Total life
22 399 26 337 32 884 72 322 36 363 15.9%
Grand total
144 224179 866212 533278 302229 102100%

Jubilee Insurance Holdings: breakdown of 2015 earned premiums per class of business

Jubilee-earned-premiums

(1) Including ordinary life, group life and pension insurance

Main technical highlights of the group’s subsidiaries per country in 2015

in thousands USD

 KenyaUgandaTanzaniaMauritiusBurundiTotal
Gross earned premiums
143 42232 11639 02310 5813 960229 102
% in the group
63%14%16%5%2%100%
Gross paid losses
113 50916 05623 8397 3471 954162 705
% in the group
69,8%9,9%14,7%4,5%1,1%100%
Technical result
10 95316 3623 11927440931 117
% in the group
35%53%10%1%1%100%
Net result
8 19420 5411 84927419131 049
% in the group
26%66%6%1%1%100%

Participation of Jubilee Insurance Holdings in its insurance subsidiaires as at 31/12/2015

 CountryClass of businessJubilee share
in the capital
Jubilee Insurance Company of Kenya Limited
KenyaNon life100%
Jubilee Insurance Company of Tanzania Limited
TanzaniaNon life51%
Jubilee Life Insurance Corporation of Tanzania Limited
TanzaniaLife51%
Jubilee Insurance Company of Uganda Limited
UgandaNon life65%
Jubilee Life Insurance Company of Uganda Limited
UgandaLife65%
Jubilee Insurance (Mauritius) Limited
MauritiusNon life80%
Jubilee Insurance Burundi Limited
BurundiNon life70%

Source: Figures taken from Jubilee Holdings’ different balance sheets

Exchange rate
KES/USD as at 31/12
2011
2012
2013
2014
2015
0.01196
0.01168
0.01175
0.01123
0.009948
Jubilee

Jubilee Insurance Holdings

Head office
Jubilee Insurance House, Wabera St.
P.O. Box 30376 00100 GPO, Nairobi, Kenya
Tel
+254 (0)20 328 1000
Fax
+254 (0) 20 328 1150
E-mail
Website
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Tue, 17/01/2017 - 17:08
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